Butter Jumps to Record on Tight Supplies Ahead of Holiday Baking Season
- Dairy processors have been focused on demand for cheese
- Tuesday’s dairy trade auction sale will help set direction
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Butter has never been this expensive as a limited world supply has buyers scrambling before the holiday baking season later this year.
Prices hit an average of $7,350 per metric ton on the latest Global Dairy Trade auction, surpassing a previous peak of $7,086 in 2022. The auction, which holds its next sale Tuesday, helps set the direction for dairy prices, including the Chicago futures market.